Philippines' Jollibee buying US firm Coffee Bean for US$100 million
In a filing to the Philippine Stock Exchange, Jollibee said that it will acquire 100 per cent of the Los Angeles-based speciality coffee and tea brand to boost its overseas sales.Jollibee operates the largest fast-food chain in the Philippines with 3,195 restaurants. It also operates 1,418 stores across various brands overseas.
The acquiring entity will be Jollibee Worldwide's subsidiary Java Ventures, which will eventually be a subsidiary of the new holding company.
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